[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4892 Introduced in House (IH)]







109th CONGRESS
  2d Session
                                H. R. 4892

  To require the Board of Governors of the Federal Reserve System to 
continue to make available to the public on a weekly basis information 
 on the measure of the M3 monetary aggregate, and its components, and 
                          for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 7, 2006

 Mr. Paul (for himself and Mr. Jones of North Carolina) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To require the Board of Governors of the Federal Reserve System to 
continue to make available to the public on a weekly basis information 
 on the measure of the M3 monetary aggregate, and its components, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Sunshine in Monetary Policy Act''.

SEC. 2. M3 MONETARY AGGREGATE REQUIRED TO BE PUBLISHED WEEKLY.

    (a) In General.--Notwithstanding the announcement by the Board of 
Governors of the Federal Reserve System on November 10, 2005, the Board 
of Governors of the Federal Reserve System shall continue, after March 
22, 2006, to compile and to publish on a weekly basis the measure of 
the M3 monetary aggregate and the components of the M3 that are not 
included in the measure of the M2 monetary aggregate.
    (b) M3 Monetary Aggregate Defined.--For purposes of this section, 
the term ``M3 monetary aggregate'' means the inclusive measure of money 
compiled by adding the following:
            (1) M1 components.--Currency in circulation (plus 
        traveler's checks), demand deposits, Negotiable Order of 
        Withdrawal (NOW) accounts, and similar interest-earning 
        checking account balances.
            (2) The non-m1 components of m2.--Household holdings of 
        savings deposits, small time deposits, and retail money market 
        mutual fund balances (exclusive of balances held in IRA and 
        Keogh accounts).
            (3) The non-m2 components of m3.--Institutional money 
        market mutual fund balances and managed liabilities of 
        depositories consisting of large time deposits, repurchase 
        agreements, and Eurodollars.
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